Vedanta Resources Q2 Oil & Gas Average Gross Production Down 8% YoY

10/10/2017 2:13 AM ET

Vedanta Resources Plc (VED.L) reported that its second-quarter average gross production was 180,955 barrels of oil equivalent per day (boepd), 8% lower year-over-year on account of natural decline in producing reservoirs, partially offset by continued reservoir management practices, strong Enhanced Oil Recovery performance and production optimization activities. Mined metal production was at 219,000 tonnes, 14% higher from last year, on account of higher volumes from underground mines.

For the first-half, average gross production across assets was at 184,062 boepd. Mined metal production was at 452,000 tonnes, 42% higher from prior year driven by higher ore production across all mines.

Kuldip Kaura, Interim CEO, Vedanta Resources plc, said: "During the quarter, our Zinc, Copper India and Aluminium businesses have delivered a strong production performance. We have also commenced our growth journey on both the exploration and development front in our Oil & Gas business. We are continuing to realise operational efficiencies across our diversified portfolio and to benefit from a supportive market environment."

Business software giant Oracle Corp. (ORCL), Monday said it swung to a third-quarter loss after taking a $6.9 billion charge related to the new U.S. tax law. Revenues for the quarter grew 6 percent reflecting strong growth in cloud revenues. Adjusted earnings for the quarter trumped Wall Street estimates,...

Canada-based cannabis company Cronos Group Inc. (CRON) and MM Enterprises USA LLC said Monday that they have formed a cross-border joint venture to cater to Canadian consumers. The move comes as Canada plans to legalize adult use of cannabis by the end of this year. MM Enterprises USA, LLC is a U.S. cannabis company with facilities in California, Nevada, and New York.

Qualcomm Inc.'s former Chairman Paul Jacobs plans to acquire the chipmaker founded by his father and has approached several global investors in an effort to fund the buyout, the Financial Times reported. According to the report, Jacobs informed members of the Qualcomm board about his intention to take the company private. Qualcomm has a market capitalization of $90 billion.